Novo’s New Obesity Drug Disappoints Again, This Time in Diabetes

Novo Nordisk A/S shares plunged the most since December after another disappointment for the drugmaker’s next-generation shot CagriSema.

The medicine helped patients with diabetes lose 15.7% of their weight over 68 weeks, compared with 3.1% with placebo, Novo said Monday. Those results covered only patients who stuck with the treatment. But when researchers looked at all trial participants, the results were weaker, showing 13.7% weight loss.

Investors had expected figures closer to 20%, according to David Evans, an analyst at Kepler Cheuvreux. It was the second disappointing large study for CagriSema, after a trial in people with obesity but ...